Quality quotient beckons investors

JAMSHEDPUR/ KOLKATA: Steel city Jamshedpur has been beckoning investors with its blend of progressive and traditional culture. The mix gives the cosmopolitan city a character and charm of its own.

Economic buoyancy and increasing purchasing power, renewed competitiveness of the industrial sector — all appears to have helped Jamshedpur emerge as one of the preferred destination for industries, real estate developers, brand owners and even educational institutes. Improved civic services and infrastructure over the last couple of years has contributed their bit to enhance the city's attraction.

So much so, an A C Nielsen ORG MARG survey in 2006 on the quality of life in cosmopolitan cities like Chandigarh, Bhubaneswar, Pune and Bangalore rated Jamshedpur as the second best in India after Chandigarh in the quality of life index.

The index took into account parameters like water & power supply, public services, health and environment, education, safety, housing and basic infrastructure, employment, economy, politics and government. The survey was conducted at the behest of Jamshedpur Utilities and Services Company (Jusco), a wholly owned subsidiary of Tata Steel.

Apart from being home to India's biggest private sector steel plant, Jamshedpur witnessed Tata Steel signing a partnership pact with Jharkhand government for 17 mtpa new steel capacity in the state entailing an investment of Rs 53,000 crore. Efforts to expand Tata Steel's Jamshedpur plant is also underway.

Over the last one year, retail activity got a shot in the arm with the likes of Woodland, Lee, Adidas, Buddy Davis, Nike, Parx, Reebok, Arrow and Benetton setting up shop at Jamshedpur. Vishal Mega Mart, Hakoba Lifestyle and Fab India have also set foot in the city to grab a slice of the business. Prozone Liberty — the joint venture between Provogue (India) and Liberty International plc is also believed to be keen to open its chain in Jamshedpur.

The city will see the coming up of a civic amenities project christened Centenary Mall. The proposed project, spread over 5.4 acres, comprises large format anchor stores, multiplex, high street shopping complex as well as a star hotel accommodation.

The city boasts of a host of age old modern sports and entertainment clubs like Beldih Club, United Club, Tube Makers Club and Golmuri Club. Besides facilities like billiards, swimming, golf, tennis, squash, kids corner, library, restaurant, bar, etc, and health clubs are some of the new features which have been added in these clubs recently.

With the demand for residential and commercial complexes on the rise, over 200 local developers have at least two projects in the pipeline. Commercial space in the heart of the city is available for Rs 4,000 to Rs 11,000 per square feet ( sq.ft.) for outright sale while apartments are available for Rs 1,500 to Rs 3,000 per sq.ft.

Spurred by the activity around, Air Deccan introduced flights on the Kolkata-Jamshedpur-Kolkata sector. Information trickling in suggests other airlines are likely to follow suit. Tata Steel plans to build an airport and has identified a place in Adityapur for the proposed project.

Crossing river Kharkai in Jamshedpur is Adityapur in the Saraikela-Kharsawan district of Jharkhand, which is also witnessing industrial and consumer growth. One of the biggest ones being the Rs 200 crore city centre project.

Spread over 20 acres of land, the proposed project will be developed by Kolkata-based Forum Projects while Adityapur Industrial Area Development Authority (Aiada) is the facilitating agency. It will house a mall, shopping complex, hotel, club facilities, multiplex, parks, a 200-bed hospital.

Hyatt Regency is believed to have submitted its proposal to Aiada for setting up a four star hotel at Adityapur.

The icing on the cake is the existence of premier management, medical and engineering institutes like XLRI, MGM College and National Institute of Technology. Host of vocational training institutes like Frankfinn Institute of Air Hostess Training, NIFD, NIFT, NIIT have also opened institutes in the city.